OBJECTIVE
This Policy is framed as per the requirement of the Companies Act, 2013 and SEBI (Listing Obligation and Disclosure Requirements), Regulations, 2015. This Policy regulates all transactions between the Company and its Related Parties (as defined below).
A transaction with a Related Party shall be considered material if the transaction(s) to be entered into individually or taken together with previous transactions during a financial year, exceeds ten percent of the annual consolidated turnover of the Company as per the last audited financial statements of the Company.
Notwithstanding the above, a transaction involving payments made to a Related Party with respect to brand usage or royalty shall be considered material if the transaction(s) to be entered into individually or taken together with previous transactions during a financial year, exceed two percent of the annual consolidated turnover of the Company as per the last audited financial statements of the Company.
The Board of Directors of the Company (“Board”) on the recommendation of the Audit Committee of the Company (“Audit Committee”) shall review the Policy once in three years and may amend the same from time to time.
DEFINITIONS
All the definitions used in this policy shall have the meaning as referred to in the applicable laws and regulations including the Companies Act, 2013 and the Listing Agreement, as amended from time to time. “Act” shall mean the Companies Act, 2013 and includes any amendment thereof. All capitalized terms used in this Policy but not defined herein shall have the meaning assigned to such term in the Act and the Rules thereunder and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations), as amended from time to time.
REVIEW AND APPROVAL OF RELATED PARTY TRANSACTION
Approval of Related Party Transactions
"Audit Committee" |
Audit Committee
|
"Board of Directors" |
Board of Directors
|
"Shareholders" |
Shareholders
|
“Reporting of Related Party Transactions” |
Reporting of Related Party Transactions
|
AMENDMENT TO THE POLICY
Limitation and Amendment in the event of any conflict between the provisions of this Policy and of the Act or Listing Regulations or any other statutory enactments, rules, the provisions of such Act or Listing Regulations or statutory enactments, rules shall prevail over this Policy. Any subsequent amendment/modification in the Listing Regulations, Act, and/or applicable laws in this regard shall automatically apply to this Policy.